Broken Xbox 360..

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i currently have a 2005ish Xbox 360 that I got for Christmas in 2006. It's been having problems lately. I'll be playing Modern Warfare 2 and then all of a sudden, the screen will go checkerboard and make loud screeching sounds. Because it was doing it for so long (2 months), I decided to open it up and check what was a matter with it. I did the penny trick, and it worked fine for about a month and then it started to have the problems again. I just recently got a new xbox (not the new slim one) and I don't know what to do with the old Xbox. I am thinking about selling it for parts, but I don't know. Any input on what I should do with it would help me out. Thanks.